CEFC faces obstacle to Czech purchase of J&T Financial Group stake

The large Chinese energy and investment group CEFC has been refused
permission from the Czech National Bank to increase its stake in the
Czech-Slovak group J&T Financial Group.

CEFC, already known for a series of acquisitions in the Czech Republic,
has been refused its application to increase its stake from 9.9 percent to
over 50 percent.

The refusal was reported by the news server Echo.24. It said the bank had
not been convinced about where the funding for the deal came from on the
part of CEFC. CEFC’s Czech representatives said that the extra
information being sought by the central bank had been forwarded by the end
of 2017 and proceedings were still continuing.

CEFC has spearheaded Chinese investments in the country, acquiring a
brewery, top football club, and real estate.